Published: October 06, 2008 11:51 am         

Local businesses doing well despite national economic scare

Ada — Listening to national news these days one is apt to hear the word “recession” invoked as an increasing number of financial institutions become eligible for rescue courtesy of Congress’ unprecedented $700 billion bailout plan.

As if to emphasize the point, Time Magazine’s cover story this week features a 1930s era photo of hapless people standing in a Great Depression soup line. The caption reads “The New Hard Times.”

Apparently not in Ada, Oklahoma. Local businesspeople say their sales are quite good and expect them to stay that way. Oklahoma may not be recession proof, many businesspeople admit, but the Sooner State is still a great place to be during these economically turbulent times.

“Our business is good,” said George Rhodes, owner of Rhynes and Rhodes Furniture in Ada. September is normally a tough month for us, but this September was the second best we’ve ever had.”

Rhodes said his best September was recorded in 2007, but overall his sales are in good shape as are others in the local business community with whom he has compared notes.

“We’re ahead of last year. Of course our costs keep going up but we’re keeping up because sales are going up. Sofas and mattresses contain foam rubber and that is a bi-product of petroleum. Anything with steel, such as bed frames or steel in other kinds of furniture, affects our costs. But sales are good.

“As I talk to other businesspeople, they tell me their businesses are also doing well. There’s no slump here. People’s attitudes are good,” he said.

Rhodes said even though increased fuel surcharges are affecting his costs, the strong oil and gas industry has helped keep the local economy on an uptick. Other factors are the Chickasaw Nation and a great deal of new construction in the area.

“With the Chickasaw Nation building a new hospital and continuing to invest in our community and builders building houses, things are going well. I’ve read that Oklahoma is one of the most recession proof states in the country,” he said.

Danny Stafford of Ada Tire Center said his firm’s sales have also remained strong. “We had another great month last month,” he said. Stafford said despite the stock market dropping nearly 800 points last Monday, his store enjoyed a good sales day. “This past Monday was probably the biggest we’ve had all year. Our business has been up the last couple of years. Business is good. We can’t complain.”

Goody’s, a national retail chain with a store in Ada, filed for bankruptcy in August. But according to Dianne Mankin, local store manager, it wasn’t because sales were lacking locally. She said the Ada Goody’s is consistently the number three or four store in Oklahoma sales revenue. “”We’re getting ready for the holidays and our (shipments of merchandise into the store) are heavy,” she said. “We’re looking forward to a good Christmas.

“Of course, we have slow days, but everyone has. But overall, our business is good.”

Dan Zimmerman of EXIT-Margaret Barton Realty said his company hasn’t noticed any decline in real estate sales. “We’re maintaining very well,” he said. “A niche has developed for homes in the $90,000 to $125,000 range for younger couples. We could use more of those priced homes,” Zimmerman said.

     

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